The Clean Money Revolution: Reinventing Power, Purpose, and Capitalism

By Joel Solomon and Tyee Bridge

“[Joel is] a beloved local financial superhero, and this book is a brilliant roadmap to purposeful investing.” —Catherine Ludgate, Manager of Community Investment, Vancity

By 2050, $50 trillion will change hands in North America in the largest generational wealth transfer ever. It will remake the world and be the biggest money-making opportunity in history.

“Business as usual,” founded on exploitation and environmental ruin, is over. Climate catastrophe, reactionary politics, and widening inequity have put the world on edge. Meanwhile innovations are shifting the economic ground, and an entire generation is pounding the table for real change. Capitalism is evolving into a force that can restore the planet, transform the global economy, and bring justice to people.

Joel Solomon, impact investor and change agent, lays it on the line. The Clean Money Revolution is part memoir of an inspiring thought leader’s journey from presidential campaigner to pioneering investor, part insider’s guide to the businesses remaking the world, and part manifesto for a new vision of profit, power, and purpose.

Meet some of the people behind this massive shift, and discover the role you can play in the $50-trillion movement toward true prosperity. A must-read for investors, wealth advisors, aspiring entrepreneurs, and all who want their values and money to work together to transform the future.

The Clean Money Revolution is on. Join it!

“Good helpful stuff to do with your filthy lucre.” —Margaret Atwood, author of The Handmaid’s Tale

“Joel Solomon so eloquently lights the path society needs to take in order to ensure future generations can flourish on a sustainable planet earth.” —Reverend Yearwood, President of the Hip Hop Caucus

• Language: English
• Publisher: Open Road Integrated Media
• Release date: Sep 4, 2018
• ISBN: 9781771422284

Book preview

Praise for The Clean Money Revolution

Nothing less than the antidote for modern finance.

—Don Shaffer, partner, Jubilee, former CEO, RSF Social Finance

Amplifies the urgent need for capitalism to redefine its purpose.

—Kat Taylor, co-founder and co-CEO, Beneficial State Bank

A profoundly sensible 21st century roadmap.

—Gary Hirshberg, chairman and former president and CEO, Stonyfield Farm

It’s aspirational, it’s unsettling, it’s demanding—but revolutions are like that.

—Danielle LaPorte, author, The Desire Map and White Hot Truth

Answering the most salient and unanswered question in our quest to transform as a civilization.

—Alfa Demmellash, CEO and co-founder, Rising Tide Capital

Decades of wisdom are distilled in the book ... prepare to be transformed.

—Ziya Tong, host, Daily Planet, Discovery Channel

A fresh vision, insightful, wise and profoundly hopeful.

—Wade Davis, UBC leadership chair in Cultures and Ecosystems at Risk

A powerful message!

—Annie Leonard, executive director, Greenpeace USA and founder, The Story of Stuff

Could literally cause billions of dollars to move toward saving the planet for future generations.

—Kevin Jones, founder, SOCAP

This book is long overdue. I cannot recommend it enough for anyone who cares to build a better future.

—Paul Born, author, Deepening Community

Crisp and insightful...this vision could remake our world.

—Randy Hayes, executive director, Foundation Earth and founder, Rainforest Action Network

This book is a non-negotiable for these times!

—Nikki Silvestri, co-founder and CEO, Silvestri Strategies, and co-founder, Live Real

Joel Solomon is the Pied Piper of the Clean Money Revolution.

—Deb Nelson, vice-president, client and community engagement, RSF Social Finance, and former executive director, Social Venture Network

... A rare contributor to the re-conception of business as a blending of the best of enterprise with true social commitment.

—Drummond Pike, founder, Tides Foundation

Solomon is a rare capital-savvy elder who inspires Millennials to have hope and take action now, for a fair and secure long term future.

—David Karr, co-founder and chief brand cebador, Guayaki

This book transcends ideology and platitudes and merges vision with clear case studies to give us a pathway to a better world.

—Tzeporah Berman, environmental activist, author, adjunct professor, York University

Joel and The Clean Money Revolution show us how money, rather than being the root of all evil, can become the driver for a more just and sustainable world.

—Robert Gass, EdD, co-founder, Rockwood Leadership Institute and the Social Transformation Project

The Clean Money Revolution is the culmination of decades of work.... This book and all it represents are truly seminal and the hope for our collective future.

—Alissa Sears, VP growth and Strategy, co-founder, adVenturesAcademy

Joel’s work is a clarion call to a deeper form of capitalism, one that truly maximizes the productivity of our money and time on this planet.

—Alex Lau, vice president, Golden Properties Ltd.

...From politics to supporting ChangeMakers, to facilitating deep interpersonal work, thank you Joel Solomon for your modelling.

—Jessica Norwood, executive director, ChangeMakers Network

Forces us to consider what our money is doing, right now, to our common world; and invites all of us but particularly those with inherited wealth to join a new movement of clean money and literally save our planet.

—Deepa Narayan, author, Voices for the Poor series and Moving Out of Poverty series; former senior advisor in the Vice President’s Office of the Poverty Reduction Group of the World Bank

Five stars!!

—Jed Emerson, Independent Strategic Advisor to Impact Investors

Good helpful stuff to do with your filthy lucre, if any.

—Margaret Atwood, author, Handmaid’s Tale

Joel sees the future more clearly than Ray Kurzweil. He has already made the world a better place than he found it. I think his Indian name just may be sees many trillions.

—Denise Williams, executive director, First Nations Technology Council

I’ve had the pleasure of knowing Joel for a decade. In that time, he has come to occupy a nearly mythical status in my mind: compassionate, challenging, whip-smart, and so, so insightful.

—Matthew Weatherley-White, co-founder and managing director, The Caprock Group, and selection board member, Impact Assets 50

Joel Solomon so eloquently lights the path society needs to take in order to ensure future generations can flourish on a sustainable planet earth.

—Reverend Yearwood, President of the Hip Hop Caucus

Joel Solomon is one of the smartest, most caring people I know. And this book represents the best of both. Read it now!

—Carol Sanford, author and executive producer of The Regenerative Business Summit

Joel has done so much to create and shape the landscape of impact investing. He’s a beloved local financial superhero, and this book is a brilliant roadmap to purposeful investing.

—Catherine Ludgate, Manager of Community Investment, Vancity

Joel’s book offers the history and sets the stage well, for everyone who wants to align their investments with their values—no need to sacrifice results.

—Janet M. Morgan, managing director, Cornerstone Capital Group

I’m a superfan of Joel Solomon. You should be after reading his book!

—Joshua Fouts, executive director, Bioneers

The world needs this wisdom now more than ever.

—Karen Mahon, Canadian director, Stand.earth

Nodding my head, appreciating, note-making, and enjoying the @joelsolomon book, The Clean Money Revolution. #bionomy #ethical #neweconomy

—Raffi Cavoukian, singer, founder of Centre for Child Honoring

This book dramatically changed how I look at my investments, and the financial industry in general. I have a long list of people who will be receiving this book from me as a gift.

—Fiona Douglas-Crampton, president and CEO of Dalai Lama Center for Peace and Education

There are so many who need to read this text, including my now former investment advisor. If he had taken up my challenge to read this book, he would likely still be working for me!

—Michael Keefer, lead visionary and president, Keefer Ecological Services Ltd.

Joel’s thought leadership in the clean money space will leave a legacy for generations to come.

—Rosy Atwal, co-founder, Maple Organics, The Organic Pharmaceutical Company

Clean Money is a real treasure, a beacon of wisdom.

—Sana Kapadia, chief impact officer, Spring Activator

Joel’s clever weaving of history throughout made this book hard to put down!

—Emily Applegate, vice president of Impact Investments, Change Finance

Joel speaks to the wisdom of our ancestors and galvanizes us all to act. He inspires us to be a great ancestor.

—Dharini Thiruchittampalam, adjunct professor, Sauder School of Business, UBC

A great read, and very important.

—Hunter Lovins, co-author, A Finer Future and Natural Capitalism

Crisp and insightful, for the long-term health of the whole planet.

—Randy Hayes, director, Foundation Earth

The simple thought—do you know what your money is doing?—really stuck with me.

—Roger Dickhout, president and CEO, Pineridge Group

Humble and powerful. A gem.

—Michèle Soregaroli, founder, CEO and coach, Transformation Catalyst Corporation

This is your call to action.

—Shivani Singh, founding and managing partner, PathFinder

Joel Solomon has inspired thousands of others along the path of a more ethical and fulfilling life. We are fortunate to have him among us as a soulful friend and authentic guide.

—Yosef Wosk, rabbi, philanthropist, author, and director of interdisciplinary programs of continuing studies, Simon Fraser University

Wasn’t at all what I expected. Authenticity and depth.

—Holly Vipond, financial security advisor, Freedom 55 Financial

A rockstar in the make good with money space.

—Fiona Rayher, filmmaker, Fractured Land, and co-founder and CEO, Hoovie

Encourages all investors to question how their money is affecting people and the planet.

—Julien Gafarou, investment and portfolio analysis consultant, Toniic

Copyright © 2018 by Joel Solomon and Tyee Bridge. All rights reserved.

Cover design by Diane McIntosh. Cover image © iStock.

Printed in Canada.

Hardcover Edition © 2017 by Joel Solomon and Tyee Bridge.

This book is intended to be educational and informative. It is not intended to serve as a guide. The author and publisher disclaim all responsibility for any liability, loss or risk that may be associated with the application of any of the contents of this book.

Inquiries regarding requests to reprint all or part of The Clean Money Revolution should be addressed to New Society Publishers at the address below. To order directly from the publishers, please call toll-free (North America) 1-800-567-6772, or order online at www.newsociety.com

Any other inquiries can be directed by mail to:

New Society Publishers

P.O. Box 189, Gabriola Island, BC V0R 1X0, Canada

[phone]

LIBRARY AND ARCHIVES CANADA CATALOGUING IN PUBLICATION

Solomon, Joel, 1954–, author

The clean money revolution : reinventing power, purpose,

and capitalism / Joel Solomon with Tyee Bridge.

Originally published: 2017.

Includes bibliographical references and index.

Issued in prints and electronic formats.

ISBN 978-0-86571-892-0 (softcover).—ISBN 978-1-55092-685-9 (PDF).—ISBN 978-1-77142-281-9 (EPUB)

1. Investments—Environmental aspects. 2. Investments—Moral and ethical aspects. 3. Green movement. I. Bridge, Tyee, 1970–, author II. Title.

New Society Publishers’ mission is to publish books that contribute in fundamental ways to building an ecologically sustainable and just society, and to do so with the least possible impact on the environment, in a manner that models this vision.

Regarding Pigs: A Note on the Cover of this Edition

Pigs are misunderstood animals. Seen in their muck-filled pens we usually think of them as dirty, lazy, and stupid. But they’re actually intelligent problem-solvers. Given the chance, they’re cleaner than most other animals, including dogs. In natural, open environments they don’t excrete waste anywhere near where they live or eat.

As a symbol of money pigs have two faces. One is the prudent piggybank of long-term thinking. This archetype is tied to our innocent, patient, childhood relationship to money. The other image is of the capitalist pig driven by insatiable greed. This not-so-little piggy goes to market and leaves a trail of destruction, devouring everything to fatten itself.

The two symbolic pigs occupy opposite poles. Innocence versus greed. Patience versus ravenous destruction. I love them as symbols for this book because they provoke core ideas about money’s use and misuse.

We need to suspend our assumptions about money and business so we can imagine a new archetype. We need a new kind of capitalist piggy—one that is both innocent and wise, ambitious and clever. What would such a pig look like? It may have qualities we desperately need at this point in history.

As with pigs in a pen, things are not always as they seem. Capitalism need not be the enemy. Willful innocence can be a trap. Greed can be driven by fear. We can all do better with our money relationship. If piled up into pens managed like factory farms, it’s true, money can start to stink. If it is allowed free range to roam and get reconnected to the Earth, it can do amazing and important things. The values, beliefs, and relationships within capitalist societies can form the nexus of a new formula for smarter leadership and reinvention.

Let’s not throw out the piggies with the mud bath!

— J. S.

May this book reduce suffering,

honor the biosphere,

and support thriving resilience

for future generations.

Contents

Foreword by Jessy Tolkan

Preface to the 2018 Edition by Joel Solomon

Preface by Joel Solomon

Preface by Tyee Bridge

Introduction: The $100 Trillion Question

1. A Mighty Time

Q&A with Don Shaffer, Former CEO, RSF Social Finance and Cofounder, Jubilee

2. Quest for Purpose

Q&A with Janie Hoffman, Founder + CEO, Mamma Chia

3. Discoveries on the Edge

Q&A with Sallie Calhoun, Founder, Cienega Capital and Paicines Ranch & Esther Park, CEO, Cienega Capital

4. Nashville Calling

Q&A with Jose Corona, Director of Equity and Strategic Partnerships, Oakland Mayor’s Office

5. Through the Looking Glass

Q&A with Morgan Simon, Managing Director, Candide Group

6. The Story Machine

Q&A with Fran Seegull, Executive Director, US Impact Investing Alliance

7. Unleashing Philanthropy

Q&A with Drummond Pike, Founder, Tides Foundation

8. Clean Money Emergence

Q&A with Rha Goddess, Founder + CEO, Move the Crowd

9. Evolutionary Leadership

Q&A with Danny Kennedy, Cofounder, Sungevity and Managing Director, California Clean Energy Fund

10. The $100 Trillion Question

Acknowledgments

Endnotes

Index

About the Authors

About New Society Publishers

Select List of Profiled Organizations and Businesses

B Corporation

BALLE

Bioneers

Business for Social Responsibility

Guayaki

Happy Planet

Hollyhock

Investors Circle

Lunapads

Patagonia

PlayBig

Renewal Funds

Renewal Partners

RSF Social Finance

Seventh Generation

SOCAP

Social Venture Network

Stonyfield Yogurt

Threshold Foundation

Tides Canada

Foreword

by Jessy Tolkan

Born in 1981, I am the beginning of the Millennial generation, a proud member of the world’s biggest, best-connected, and most diverse cohort in history. In my first three decades on this planet I’ve witnessed a crippling global economic crisis, horrific wars, and the warmest years ever recorded due to the devastation of climate change. I’ve grown up amidst the perpetual background noise of ugly, scary, and pervasive global problems. At the same time I’ve seen innovation, prosperity, and political firsts that even two decades ago would have been unimaginable.

What is one to do with this confluence of daunting challenges and overwhelming possibility?

From where I stand there is really only one way to absorb and respond to such awesome circumstances. We need to seize the moment for total transformation.

We can transform our anxiety into passion. Fear can become hope. The moment demands deep and unwavering commitment to transforming it all. The economy. The planet. The way we treat, see, and live with one another.

Generations before me were wooed by making millions on Wall Street or amassing material stuff as a symbol of success. Some in my generation are also attracted by this. But I couldn’t be prouder to work and live amongst a massive group of global peers who are just crazy enough, just bold enough to imagine a completely different future. In our vision we do far more than just survive climate change. We shift our energy grid to 100 percent renewables, while turning on the lights for nearly two billion people without energy access.

We don’t just fight poverty. We achieve a universal basic income around the globe.

We don’t just innovate and succeed in the Global North and make token gestures in the South. Instead we eliminate the educational, financial, and cultural divide between them.

Are these only the miraculous visions of a naive Millennial? Some might say that. But a generation committing their lives to a regenerated world—powered by the biggest transfer of wealth in human history—could make these visions a reality.

In these dynamic days, how heartening, how inspiring, and what a relief it is to see this fresh perspective on money and possibility from my favorite baby boomer, Joel Solomon. Joel is the ultimate mentor and blueprint sketcher. He has spent his life bringing the puzzle pieces of business, politics, leadership, and culture together to form livable and thriving communities and cities. He has invested not in Wall Street millions but in deep and lasting change. His revolution is not limited to a single political administration or a small sect of socially conscious consumers. Rather it’s a long-game, big-tent strategy that catalyzes a better way of life for all people and the planet.

In his Vancouver backyard you can see the evidence: all the entrepreneurs, businesses, and political and non-profit leaders that have been touched by Joel’s mentorship. Across North America you can find thousands of leaders who have ventured to Hollyhock and returned inspired, connected, and transformed. Joel’s impact shines brightly.

In these pages he tells the story of the clean money movement that is now gathering huge momentum. But not only that. He prompts us to consider how the current generational wealth transfer—a hundred trillion dollars in inherited capital—can be redeployed with love and intention. Driven by all of us, including my mighty Millennials, this wealth has the power to remake the world.

The revolution is about wholesale system change. At the intersection of business, politics, and culture are solutions. In the business sector we need innovation and beating hearts powered by values, not just profits. We need progressive political leadership and engaged citizens to put collective good above high-paid lobbyists. We need need art, music, and soul-enriching communities that remind us of our shared humanity and destiny.

We need this revolution. Let’s commit to making miracles happen and building the world we need.

— Jessy Tolkan

Jessy is the executive director of Here Now, accelerating climate solutions globally. At Purpose, a social-good agency building new solutions to global problems, she is Head of Labs. Former co-executive director of both Citizen Engagement Laboratory and Energy Action Coalition, she cofounded PowerShift, an annual youth climate change summit now in more than twenty-five countries. Rolling Stone magazine named her one of 100 Agents of Change in America.

Preface to the 2018 Edition

by Joel Solomon

It’s game time.

A profound call to action is underway. Dangerous financial disparities and ecological crisis are growing. National instabilities across the planet are making a mess of democracy.

The 2016 US presidential election was an alarming wake-up call. Late 2017 brought one of the most egregious tax heists in American history. That blatant abuse of self-interest gave a grand gift to the wealthy at the expense of those who can least afford it. Economic injustice grows.

Climate change is accelerating at a rate that five years ago was dismissed as fantasy. Meanwhile, environmental regulation rollbacks continue to compound damage to the commons.

We can change this game. Wise engagement in political arenas is vital. Help the campaigns of leaders who have integrity and future vision. Give them support and strategy. And vote!

Beyond thoughtful political work, clean money must play a big role.

Money is a powerful force for good. As we awaken to what our money actually does to people and places, our responsibility rises, as do our options, to do better. We can reinvent the economy to broaden opportunity, and level the playing field for everyone.

The demand to align money with values is rising. Financial advisors are responding. Trillions are already shifting. Regenerative futures remain promising and plausible.

Innovation and ingenuity give real hope. We can build a bright long-term future for all. Think what can be accomplished as we redirect earth’s trillions of dollars now in circulation.

Will we remain passive? Or will we make this transition go faster and deeper?

Clean Money Is Happening

The clean money revolution is growing from a spiritual evolution, as our hearts and minds are touched by the potential we see.

Capitalism is adapting with increasing speed. The wealth management industry knows this marketplace disruption is real. New product growth is underway for pensions, endowments, mutual funds, banking, consumer goods, and savings. Momentum is growing at increasing speed.

Are you seeing all the optimism yet?

You will soon!

♦There’s been a 33 percent increase in screening for environmental, social and governance (ESG) factors since 2014. That’s $9 trillion in the US alone.

♦BlackRock, the world’s largest asset manager with $6 trillion, said in a 2018 CEO letter: To prosper over time, every company must not only deliver financial performance, but also show how it makes a positive contribution to society. That signals a historic shift from the Milton Friedman profit-only orthodoxy era.

♦About $3 trillion in assets at 18 financial institutions in the Netherlands—along with big funds in Sweden, Australia and Canada—are rallying around Sustainable Development Goals (SDG) as an investment framework.

♦The $443 million Nathan Cummings Foundation announced its goal to move the entire endowment into impact, as their response to climate change and global inequality. CEO Sharon Alpert: We believe this is the future of philanthropy.

♦The Ford Foundation committed $1 billion over ten years to mission-related investing, focusing on affordable housing and financial services accessibility.

Clean money is still a moon shot endeavor. Against big odds, it’s happening! The momentum will build faster now.

Spiritual Evolution for a Clean Money Revolution

Changing the money game is invaluable to social movements like Black Lives Matter, #MeToo, First Nations activism, and so many more. All demonstrate the rich diversity of societal forces putting fairness and decency front and center.

After centuries of a male-dominated, maximum-financial-return-regardless-of-consequences exploitive capitalism, we are building a new regenerative business culture. Feminization of the economy is part of this, making our financial system relational, cooperative, and with more balanced representation.

It will be an inclusive economy that embraces full responsibility for the long-term well-being of the whole ecosystem.

That economy will be made stronger by empowering our cultural mosaic—the rising demographics that add richness, breadth, and depth to society. As we achieve it, we will alter how we employ, retain, and benefit from each other’s diverse talents and preferences.

These shifts add up to an essential decolonization of the conquering, imperialist model that has brought us to the brink of severe global crisis.

We must move rapidly to invent a more unifying, peace-loving, shared responsibility for our miracle of a planet.

Love is the guiding principle.

Love of life, nature, and the future, can guide us.

Global religions have golden rules that teach reciprocity and doing unto others fairly. These ethics are basic to many emergent forms of spirituality. New spirituality will find powerful new stories for these new times.

We are learning the meaning and purpose of our lives, and our responsibility as citizens. That’s the root for the impending spiritual evolution about money. It will ground and empower us as lifelong change agents.

With real honesty, spiritual awakening, and a smarter, more sacred perspective of money, we will forge a movement to change the world. From a deeper understanding of what money means, and a practical understanding of what it does, we can change this whole crazy system we are now caught in.

That spiritual evolution will unleash a clean money revolution.

Trillions of dollars will move into new hands through death in the next few decades. The tools are available.

We can make plenty of money by doing the right things. The privilege of wealth and power requires a new ethical bottom line. We know in our hearts what that is.

Our sacred role as ancestors of the future requires us to go deeper. We must shift money from destructive to more positive uses. Love is an excellent moral guide.

Let’s be billionaires of good deeds. Billionaires of love.

It’s game time. Let’s be all in.

— J. S.

Preface

by Joel Solomon

From my desk in downtown Vancouver I can turn and look outside to a giant neon sign a block away. It spells out four words: Let’s Heal the Divide.

The Flack Block, the restored 1899 heritage building where I work, sits on the corner of Cambie and Hastings streets. This is the border between the financial district and the Downtown Eastside—infamous as one of the poorest postal codes in Canada. The sign’s yellow neon, installed on the brick wall of Vancouver Community College, is a reminder by artist Toni Latour. It prods passersby, and people like me who see it every day, to be aware of what’s around us. To remember injustice and to work to heal it.

Vancouver is my home. Like all cities it’s a microcosm of the larger world that surrounds it. Vancouver has its contradictions and its struggles to achieve inclusivity and fairness. It’s a beautiful and amazing city as well as a complicated one. And it’s a perfect place to open this book, because like few other cities in North America it has embraced the challenges of the clean money revolution.

Two decades ago Vancouver was mainly a resource town for selling off BC’s lumber and minerals. Now it has emerged as one of the most thriving and resilient urban economies in North America, with a bold Greenest City in the World action plan seeking zero waste, zero carbon, and healthy ecosystems. Mayor Gregor Robertson is a social entrepreneur and friend of mine, and under his leadership of three terms, the city is making significant progress with renewable energy, bike lanes, electric car charging stations, and Skytrain rapid transit infrastructure. It is incentivizing the built environment toward green buildings that are optimized to be long-lasting and energy-efficient. It’s working to protect clean water and clean air. It’s encouraging the growth of local, organic food systems. Challenging problems around homelessness and housing affordability remain, along with multiple efforts to respond to them.

In all these ways Vancouver joins the list of cities worldwide that are responding to climate change and trying to clean up their act. If you want a vision of the hoped-for future that the clean money revolution will bring, this is a great place to look.

What is Clean Money?

Clean money is money aligned with a purpose beyond self-interest. Money for the commons. Money that makes the world better. Money regenerating ecosystems and engendering a healthy balance between people and planet. Money that builds true security: long-term, safe, fair resilience.

Clean money is a revolution and an evolution. It expands our view of finance from a bank balance, net worth calculation or the name of a company in which you own stock. It goes beyond the surface. It opens the hood of the car, reads the ingredient label, pops open the laptop to see what’s inside. Clean money thinks through where materials came from, who assembled them, and whether that process was just or unjust, regenerative or destructive.

Capitalism is a pervasive and ever-more-confusing global reality. Its simple foundation is exchanging goods and services. Buy or produce for one